The London Development Agency (LDA) was given a well deserved drubbing in the London Assembly's Budget and Performance Committee Pre-Budget Report for its lamentable financial controls that caused a £159M financial black hole.
The shortfall has "not only damaged the Agency's reputation but has significantly reduced its resources".
"The financial prospects for the LDA in 2010/11 are bleak.
Together with clawbacks from central government of previously allocated grants, this shortfall will result in the LDA's available resources being over 20% less in 2010/11 than previously planned.
This comes in a period when the LDA will be trying to establish credibility with Londoners as the lead agency on economic development and regeneration in the capital in a challenging economic environment."
Committee chairman John Biggs said:
"The LDA must now demonstrate that lessons have been learned, controls improved and sufficient testing on budget areas carried out to ensure budgets going forward can be relied upon."
Quite!
Olympic Medals won during the Beijing 2008 Olympics
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